MFA Financial, Inc. 9.000% Senior Notes (MFAO) 10-Year Financial Performance & Capital Metrics

MFAO • • REIT / Real Estate

Real EstateMortgage REITsResidential Mortgage REITsNon-Agency MBS & Whole Loan Investors

AboutMFA Financial, Inc. is a real estate investment trust engaged in the business of investment, on a leveraged basis, in residential mortgage assets including agency mortgage-backed securities, non-agency mortgage-backed securities, and residential whole loans. It operates through the Mortgage-Related Assets and Lima One segments. The Mortgage-Related Assets segment is involved with the remainder of the company’s investments. The Lima One segment refers to the stand-alone mortgage origination and servicing business of Lima One. The company was founded by Stewart Zimmerman on July 24, 1997, and is headquartered in New York, NY.Show more

Revenue $280M +19.5%
FFO $119M +41.4%
FFO/Share 1.13 +39.3%
FFO Payout 120.65% -28.9%
FFO per Share 1.13 +39.3%
NOI Margin 87.37% +2.3%
FFO Margin 42.65% +18.3%
ROE 6.37% +54.6%
ROA 1.08% +33.3%
Debt/Assets 80.6% +73.5%
Net Debt/EBITDA 79.37 +24.3%
Book Value/Share 17.52 -4.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 7/9
✓High NOI margin of 87.4%
✓Healthy dividend yield of 5.4%
✓Trading near 52-week high
✓Trading at only 1.5x book value

✗Weaknesses

✗High debt to equity ratio of 5.0x
✗Weak 3Y average ROE of 0.1%
✗Profits declining 20.6% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-2.46%

5Y-8.39%

3Y-6.05%

TTM11.26%

Profit (Net Income) CAGR

10Y-9.21%

5Y-20.61%

3Y-28.69%

TTM-36.89%

EPS CAGR

10Y-12.84%

5Y-23.7%

3Y-32.19%

TTM-39.62%

ROCE

10Y Avg3.13%

5Y Avg0.84%

3Y Avg-0.25%

Latest1.03%

Peer Comparison

Non-Agency MBS & Whole Loan Investors

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MFAOMFA Financial, Inc. 9.000% Senior Notes	2.61B	25.58	31.20	19.47%	34.47%	7.04%	7.66%	4.99
MFANMFA Financial, Inc. 8.875% Senior Notes	2.6B	25.47	31.06	19.47%	34.47%	7.04%	7.7%	4.99
MFAMFA Financial, Inc.	1.01B	9.91	12.09	19.47%	34.47%	7.04%	19.76%	4.99
AOMRAngel Oak Mortgage, Inc.	227.96M	9.15	7.82	-6.21%	30.71%	6.68%		7.41
TWOTwo Harbors Investment Corp.	1.39B	13.35	5.63	229.02%	-17.84%	-11.35%	6.25%	4.29

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	355.98M	358.76M	373.06M	347.88M	433.33M	-555.87M	337.22M	-67.62M	234.05M	279.61M
Revenue Growth %	-0.01%	0.01%	0.04%	-0.07%	0.25%	-2.28%	1.61%	-1.2%	4.46%	0.19%
Property Operating Expenses	62.81M	74.36M	94.17M	113.25M	0	0	37.47M	42.89M	34.14M	35.31M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	42M	46M	50M	79M	433.33M	-555.87M	-8.35M	113.52M	130.75M	132.71M
G&A Expenses	42.05M	45.61M	49.63M	46.08M	52.65M	56.71M	85.55M	112.72M	129.95M	131.91M
EBITDA+	88.69M	312.21M	309.58M	855.54M	0	0	390.78M	-224.03M	73.36M	111.59M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	860K	219.16M	235.43M	321.55M	0	0	61.91M	0	4.2M	0
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	87.83M	93.04M	74.16M	533.99M	0	0	328.87M	-224.03M	69.16M	111.59M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	176.95M	193.35M	197.14M	232.19M	0	268.76M	120.39M	258.84M	429.12M	521.23M
Interest Coverage	0.50x	0.48x	0.38x	2.30x	-	-	2.73x	-0.87x	0.16x	0.21x
Non-Operating Income	-781K	3.81M	-1.03M	-207.03M	0	0	-91.35M	-224.03M	73.36M	111.59M
Pretax Income+	313.23M	312.67M	322.39M	301.8M	378.12M	-679.39M	328.87M	-232.43M	80.16M	119.69M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	402.35M	412.98M	445.38M	1.66M	0	0	0	-851K	0	443K
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	313.23M	312.67M	322.39M	301.8M	378.12M	-679.39M	328.87M	-231.58M	80.16M	119.25M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-0%	-0%	0.03%	-0.06%	0.25%	-2.8%	1.48%	-1.7%	1.35%	0.49%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0%	0.69%	0.05%	0.12%	-0.39%	-	-	-1.66%	1.33%	-
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	3.20	3.20	3.16	2.86	3.17	-6.01	2.63	-2.40	0.46	0.82
EPS Growth %	-0.01%	0%	-0.01%	-0.09%	0.11%	-2.9%	1.44%	-1.91%	1.19%	0.78%
EPS (Basic)	3.20	3.20	3.16	2.88	3.21	-6.01	2.66	-2.40	0.46	0.83
Diluted Shares Outstanding	93.03M	93.02M	97.28M	105.44M	116.94M	113.01M	118.47M	103.15M	103.58M	105.1M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	13.17B	12.48B	10.95B	12.42B	13.57B	6.93B	9.14B	9.11B	10.77B	11.41B
Asset Growth %	0.07%	-0.05%	-0.12%	0.13%	0.09%	-0.49%	0.32%	-0%	0.18%	0.06%
Real Estate & Other Assets+	-9.75B	-7.61B	-4.06B	4.99B	4.64B	-302.83M	-450.2M	401.26M	905.59M	1.58B
PP&E (Net)	0	-12.48B	-10.95B	-12.42B	0	758K	39.37M	39.46M	37.82M	35.46M
Investment Securities	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	165.01M	260.11M	449.76M	51.97M	7.7B	853.2M	0	8.44B	441.01M	9.55B
Cash & Equivalents	165.01M	260.11M	449.76M	51.97M	70.63M	814.35M	304.7M	334.18M	318M	338.93M
Receivables	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	0	0	0	0	179.67M	0	-389.08M	252.06M	0	388.42M
Intangible Assets	0	226.78M	492.08M	611.81M	1.22B	239M	21.4M	12.2M	8M	4.8M
Total Liabilities	10.2B	9.45B	7.69B	9B	10.18B	4.41B	6.6B	7.12B	8.87B	9.57B
Total Debt+	122.06M	96.73M	460.72M	781.24M	10.03B	1.84B	3.15B	6.86B	5B	9.2B
Net Debt	-42.95M	-163.38M	10.96M	729.27M	9.96B	1.03B	2.84B	6.52B	4.69B	8.86B
Long-Term Debt	118.56M	96.73M	460.72M	781.24M	10.03B	1.61B	2.88B	6.81B	4.96B	9.16B
Short-Term Borrowings	0	0	0	0	0	1000K	1000K	0	0	0
Capital Lease Obligations	0	80K	80K	80K	0	636K	44.98M	45.31M	43.58M	41.05M
Total Current Liabilities+	10.08B	9.35B	7.6B	8.01B	152.61M	236.29M	0	134.13M	292.45M	313.5M
Accounts Payable	16.95M	14.13M	12.26M	16.28M	0	11.12M	9.62M	0	30.83M	0
Deferred Revenue	-9.39B	-8.69B	-6.64B	-8.25B	0	0	0	0	0	0
Other Liabilities	-118.56M	0	0	0	0	-1.62B	-2.92B	132.03M	0	63.09M
Total Equity+	2.97B	12.01B	10.38B	11.99B	3.38B	6.04B	2.54B	1.99B	1.9B	1.84B
Equity Growth %	-0.07%	3.05%	-0.14%	0.16%	-0.72%	0.79%	-0.58%	-0.22%	-0.04%	-0.03%
Shareholders Equity	2.97B	3.03B	3.26B	3.42B	3.38B	2.52B	2.54B	1.99B	1.9B	1.84B
Minority Interest	0	8.98B	7.12B	8.57B	0	3.52B	0	0	0	0
Common Stock	3.71M	3.72M	3.98M	4.5M	4.52M	4.52M	1.08M	1.02M	1.02M	1.02M
Additional Paid-in Capital	3.02B	3.03B	3.23B	3.62B	3.64B	3.85B	3.78B	3.68B	3.7B	3.71B
Retained Earnings	-572.33M	-572.64M	-578.95M	-632.04M	-631.04M	-1.41B	-1.28B	-1.72B	-1.82B	-1.88B
Preferred Stock	80K	80K	80K	80K	80K	190K	190K	190K	190K	190K
Return on Assets (ROA)	0.02%	0.02%	0.03%	0.03%	0.03%	-0.07%	0.04%	-0.03%	0.01%	0.01%
Return on Equity (ROE)	0.1%	0.04%	0.03%	0.03%	0.05%	-0.14%	0.08%	-0.1%	0.04%	0.06%
Debt / Assets	0.01%	0.01%	0.04%	0.06%	0.74%	0.27%	0.34%	0.75%	0.46%	0.81%
Debt / Equity	0.04x	0.01x	0.04x	0.07x	2.96x	0.30x	1.24x	3.45x	2.63x	4.99x
Net Debt / EBITDA	-0.48x	-0.52x	0.04x	0.85x	-	-	7.28x	-	63.86x	79.37x
Book Value per Share	31.90	129.11	106.69	113.69	28.94	53.46	21.46	19.28	18.34	17.52

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	282.17M	85.51M	176.07M	147.88M	215.78M	38.4M	120.29M	366.08M	108.74M	200.12M
Operating CF Growth %	0.1%	-0.7%	1.06%	-0.16%	0.46%	-0.82%	2.13%	2.04%	-0.7%	0.84%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	313.23M	312.67M	322.39M	301.8M	378.12M	-679.39M	328.87M	-231.58M	80.16M	119.25M
Depreciation & Amortization	860K	964K	1.52M	1.82M	3.32M	0	6.6M	-27.31M	4.2M	0
Stock-Based Compensation	7.83M	9.16M	8.03M	8.01M	9.24M	0	9.58M	10.21M	15.62M	0
Other Non-Cash Items	-94.48M	-117.72M	-144.49M	-137.3M	-159.19M	728.66M	-203.18M	597.01M	26.72M	64.28M
Working Capital Changes	54.74M	-119.56M	-11.38M	-26.45M	-15.71M	-10.87M	-5.39M	27.96M	-17.97M	16.59M
Cash from Investing+	550.08M	1.03B	1.82B	-2.16B	-1.13B	6.38B	-2.17B	-1.13B	-1.55B	-424.6M
Acquisitions (Net)	636.29M	0	1.59B	338.4M	3.76B	0	6.12M	0	0	0
Purchase of Investments	-95.38M	-84.61M	-86.32M	-3.14B	-4.67B	-163.75M	-2.5B	-3.18B	-588.91M	-869.15M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	-60.02M	1.11B	66.29M	107.94M	-1.13B	2.13B	185.67M	1.99B	-1.13B	314.92M
Cash from Financing+	-849.69M	-1.02B	-1.8B	1.63B	964.92M	-5.74B	1.63B	850.21M	1.43B	337.58M
Dividends Paid	-312.38M	-312.89M	-323.59M	-344.76M	-376.56M	-143.3M	-189.01M	-216.91M	-175.98M	-176.75M
Common Dividends	-297.38M	-297.89M	-308.59M	-329.76M	-361.56M	-113.51M	-156.14M	-184.03M	-143.1M	-143.87M
Debt Issuance (Net)	-1000K	-1000K	-1000K	1000K	1000K	-1000K	1000K	1000K	1000K	1000K
Share Repurchases	0	0	0	0	0	-50.84M	-85.59M	-102.31M	-7K	-1.57M
Other Financing	-450.18M	14.64M	30.43M	1.06M	-40.03M	-90.28M	-7.14M	-16.39M	-12.59M	-34.99M
Net Change in Cash+	-17.43M	95.11M	189.65M	-375.03M	45.95M	686.86M	-417.07M	89.63M	-5.87M	113.1M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	182.44M	165.01M	260.11M	463.74M	88.71M	134.66M	821.52M	404.45M	494.08M	488.21M
Cash at End	165.01M	260.11M	449.76M	88.71M	134.66M	821.52M	404.45M	494.08M	488.21M	601.31M
Free Cash Flow+	280.61M	84.8M	175.2M	146.75M	213.9M	33.53M	108.25M	365.78M	108.74M	200.12M
FCF Growth %	0.1%	-0.7%	1.07%	-0.16%	0.46%	-0.84%	2.23%	2.38%	-0.7%	0.84%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.38	5.72	5.73	5.91	3.26	-6.01	3.3	-2.51	0.81	1.13
FFO Payout Ratio	94.68%	56.01%	55.32%	52.9%	94.79%	-16.71%	39.96%	-71.08%	169.63%	120.65%
NOI Margin	82.35%	79.27%	74.76%	67.45%	100%	100%	88.89%	163.43%	85.41%	87.37%
Net Debt / EBITDA	-0.48x	-0.52x	0.04x	0.85x	-	-	7.28x	-	63.86x	79.37x
Debt / Assets	0.93%	0.77%	4.21%	6.29%	73.93%	26.54%	34.45%	75.25%	46.44%	80.6%
Interest Coverage	0.50x	0.48x	0.38x	2.30x	-	-	2.73x	-0.87x	0.16x	0.21x
Book Value / Share	31.9	129.11	106.69	113.69	28.94	53.46	21.46	19.28	18.34	17.52
Revenue Growth	-0.79%	0.78%	3.98%	-6.75%	24.57%	-228.28%	160.67%	-120.05%	446.11%	19.47%

Frequently Asked Questions

Valuation & Price

MFA Financial, Inc. 9.000% Senior Notes (MFAO) has a price-to-earnings (P/E) ratio of 31.2x. This suggests investors expect higher future growth.

Growth & Financials

MFA Financial, Inc. 9.000% Senior Notes (MFAO) reported $371.8M in revenue for fiscal year 2024. This represents a 4% increase from $358.2M in 2011.

MFA Financial, Inc. 9.000% Senior Notes (MFAO) grew revenue by 19.5% over the past year. This is strong growth.

Yes, MFA Financial, Inc. 9.000% Senior Notes (MFAO) is profitable, generating $128.2M in net income for fiscal year 2024 (42.6% net margin).

Dividend & Returns

Yes, MFA Financial, Inc. 9.000% Senior Notes (MFAO) pays a dividend with a yield of 5.35%. This makes it attractive for income-focused investors.

MFA Financial, Inc. 9.000% Senior Notes (MFAO) has a return on equity (ROE) of 6.4%. This is below average, suggesting room for improvement.

Industry Metrics

MFA Financial, Inc. 9.000% Senior Notes (MFAO) generated Funds From Operations (FFO) of $151.5M in the trailing twelve months. FFO is the primary profitability metric for REITs.

MFA Financial, Inc. 9.000% Senior Notes (MFAO) offers a 5.35% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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